Insurance giant Legal & General has reported an increase of 13 per cent in individual annuity sales over the previous year.

L&G said its individual annuity sales jumped to £98 million during 2009 as compared with £87 million in 2008.

Company’s gross new business from corporate pensions clients stood at £29 billion, up from £27.6 billion in the previous year.

However, individual pension sales slipped year-on-year 17 per cent to settle at £272 million over the previous year.

Protection business also fell from £207 million in 2008 to £180 million last year.

Group CEO Tim Breedon said the company was expanding internationally.

Speaking on the topic, he said, “We are making good progress internationally. LGIM has won its first mandates in the US and we successfully launched our joint ventures in the Gulf and India.”

L&G had a capital surplus of £3.1 billion at the end of last year as compared with £1.9 billion at year end 2008.